Conditions brought on by the pandemic especially early on when everything was shut down and Americans stayed inside their homes most 24 hours a day led thousands of Americans across the country to purchase a new home.
Statistics showed that people were leaving cities for more room and wide-open spaces. People working remotely wanted a space all to their own to be able to do so in peace. Some people just felt like they were in too small of a space for their whole family to coexist and cohabitate in their current home peacefully. While others looked for spaces that had everything they could ever want or need in daily activities in their own private compound.
These factors and more had people putting up for sale signs and going shopping in hopes of finding a home they never wanted to leave. Some homebuyers were even purchasing properties without physically stepping onto them in order to get in quickly before the competition.
For a majority of homebuyers this has worked out great and they are pleased with their new abode. But for some, there’s a bit of buyer’s remorse and wish they had not moved and some wishing they may have waited just a little bit longer to have the means of purchasing what they truly wanted.
What can you do if you are regretting a pandemic home purchase?
If you are one of those that purchased a home that may be better than the one you had before, but not quite that perfect place you never want to leave, there are some options. You don’t have to feel like you are stuck hating your house.
You could renovate the home to be that perfect place you love
If you like most of the attributes about your home but there are some things that just sort of frustrate you or would like to freshen up and bring into this century, you could opt for a few home renovations.
Your home purchase could have left you at a stretched budget, but there are some ways where you could seek financial assistance through a loan or a grant to help cover some renovation
Some banks right now are offering programs to help homeowners do just this. It is worth a talk with your current lender or a mortgage broker to go over your options and begin making your home into something you truly love.
While it is always best for the purpose of building wealth and equity in a home to stay in it for at least five years, the current climb in home prices at a quick rate could enable you to not take a huge hit in reselling the home.
If you are leaning toward this strategy, it would be best to look at listing the house sooner rather than later while inventory is still very low and demand is outpacing the current supply. This gives a seller much more leverage and probability of selling at a higher price. Call up a trusted expert real estate agent and ask them for their insights on the probability of selling your home and having enough equity to make a down payment on another.
Turn it into an investment property
Though rental prices are increasing there’s still high demand in need for great rental properties. If you’re not in a place to sell a home you could rent it out to cover current mortgage payments and maybe even make a little bit of profit.
Make sure that you are ready to step into the world of being a landlord. There are many details to consider about going this route including who will interact with the tenants and make sure that you have responsible tenants as well as maintain the home. You could choose to hire a property manager but you want to make sure that the rental income can cover the cost of hiring this person.
If the home is in an ideal location, you could consider turning it into a vacation rental as these are in very high demand right now.
For more information on buying or selling homes in Portland and surrounding areas please contact us anytime.